Sondrel secures capital for working capital requirements and advances ASIC business opportunities

Sondrel (Holdings), a London-listed semiconductor business, has announced that it is in the final stages of securing capital to meet its short-term working capital requirements before the end of March. The company is also currently engaged in negotiations for application-specific integrated circuits (ASIC) business opportunities that are expected to commence in early 2024.

In a recent development, Sondrel has received a payment of £1.5 million ($1.9 million) from one of its clients. However, there is an outstanding balance of £200,000 that is currently under discussion.

Despite the challenges posed by the ongoing market conditions, Sondrel remains optimistic about the strong demand for its turnkey ASIC services in both European and U.S. markets. This positive indication reinforces the company's confidence in the future growth prospects.

Graham Curren, the Chief Executive of Sondrel, expressed satisfaction with the progress made on key opportunities within their pipeline. He further mentioned that the company would provide updates on advanced stages of negotiation for new ASIC business opportunities in due course.